Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on Hillsboro Landing, a new $41 million affordable senior community with 75 apartments in Deerfield Beach, Florida. The community is a joint venture between HTG and the Broward County Housing Authority, whose mission is to provide stable, quality affordable housing opportunities for low and moderate-income families and seniors.
Apartments at Hillsboro Landing will be reserved for income-qualifying residents aged 62 and older who earn at or below 22, 25 and 60 percent of the area median income (AMI). Monthly rents will range $374 to $1,225. Construction is scheduled to commence in June 2023 with completion expected by October 2024. It is the first of a two-phase redevelopment of a former public housing site that was demolished in 2007.
“There’s a tremendous need for affordable housing in South Florida’s smaller downtown beach communities like Deerfield Beach, where strong demand from high-earners threatens to push out middle- and lower-income families,” said Matthew A. Rieger, President and CEO of HTG. “As we have done with our partners in Riviera Beach, West Palm Beach and Hollywood, HTG is working closely with public officials and other housing groups to ensure these towns maintain a mix of high-quality housing for all income levels, which is key to ensuring vibrant, healthy communities.”
Located at 3851 N Dixie Highway, Hillsboro Landing will be a six-story, pet-friendly residential building featuring spacious one and two-bedroom apartments, with 45 one-bedroom units spanning 702 square feet and 30 two-bedroom units spanning 927 square feet. It will have 5,000 square feet of amenity space including a multipurpose room, state-of-the-art fitness center, bocce ball court and outdoor rooftop terraces, along with 96 parking spots. The National Green Building Standard Certified-property will also have energy-efficient lighting and appliances. The property is ideally located east of I-95 just 15 minutes to Hillsboro and Pompano Beaches, five minutes from Broward Health North, and less than 10 minutes from several Publix grocery stores and a Whole Foods.
Funding sources include $17.4 million in 9% Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $25 million provided by Fifth Third Bank, a permanent loan of $12.17 million provided by Grandbridge Real Estate Capital, a State Apartment Incentive Loan (SAIL) and Community Housing Impact and Preservation (CHIRP) loan totaling $7.1 million, an Extremely Low Income (ELI) loan of $600,000 and a Broward Housing Finance Authority (BHFA) grant of $100,000.
The design and construction team for Hillsboro Landing includes ATL Architecture, general contractor Ferncore Corporation, engineer Keith & Associates, interior design by Builders Design and landscape architecture by Sieger Suarez Architects.
